Skid Loader Insurance: What Should Basic Insurance Protection Cover?

Some call it a skid loader, others refer it as a skid steer loader or just plain skid steer, but each of these names refers to a type of high powered equipment with lift arms that can be attached to different labour tools. This is basically a four wheeled small frame vehicle where the wheels are mechanically locked in. Modern ski loaders either have fully enclosed cabs, while the top performing ones are designed to have features to offer protection for the operator. If you want to know more about how you can protect yourself or the assigned operator, perhaps you should consider buying a skid loader insurance policy.

What should a basic insurance protection cover for earth moving equipment like the skid loader?

Although, the exact protection coverage of a basic skid steer loader insurance may offer protection on the operator, owner of the skid loader and to a third party, there are several inclusions that a policyholder may add on his or her existing insurance protection coverage. For example, if you want to take out more comprehensive protection, the following can be part of your skid loader insurance policy:

Material damage

This type of protection extends to the actual market value of the skid steer loader, replacement after experiencing major loss or damaged of the unit or it may also cover the substitute of another machine for a certain period of time as you wait for the purchase of a new unit.

Other add-on benefits

Since the skid steer loader is generally used for lifting purposes, the skid loader insurance protection may also include the damages on goods or items being lifted at a certain height level. You may also ask the insurer if they can also come up with a protection policy that can cover expenses on expediting the unit, indemnity to the person or contractor renting the skid loader against road risks and other unavoidable incidents.

Broad form liability

This type of special coverage is focused on the following:

Property in physical and legal control

Sub limits

Hook liability on sub limits

Vibration and removal of support sub limits

Dry hire

Damages done to the underground services

Is the skid loader insurance policy expensive?

There are many external factors that will affect the cost of the skid loader insurance policy and may include the following:

Type of protection coverage you need for the skid loader equipment

Amount you wish to insure

Sub limits

Reports of your previous insurance claims if applicable

The number of attachments you have for the skid loader equipment

If you are still confused on what type of protection coverage you will include on your skid loader insurance policy, ask the professional advice of a licensed insurance broker who had relevant experiences in all types of earthmoving and heavy duty equipment vehicles. Don’t forget to request various quotes for different levels of protection before making a final decision on what skid loader insurance policy to buy.